Household income limits for the government’s Your First Home scheme are expected to be confirmed at next week’s Budget, according to the article. The reported thresholds are £110,000 outside London and £140,000 in London. The scheme would provide government-backed equity loans for eligible new-build purchases in England, supporting deposits as low as 2.5%. Developers welcomed the plans, while Conservatives questioned their costs. Funding offsets and the initial interest-free period remain unspecified.
The government presents the scheme as support for first-time buyers who need assistance and as a means of boosting housebuilding.
BBCThe article reports household earnings limits below £110,000 outside London and £140,000 in London, expected to be confirmed at the Budget next week.
BBCYour First Home will offer government-backed equity loans worth 20% of new-build properties in England bought from participating developers, supporting deposits as low as 2.5%.
BBCThe new equity loans will track property-value changes and have an initial interest-free period whose duration is unspecified.
BBCThe Times reported that initial limits of £90,000 outside London and £110,000 in London were raised to avoid excluding too many middle-earning couples.
BBCLabour says funding will come from existing budgets, without identifying spending cuts; developers will be asked to contribute to running costs.
BBCThe government argues the scheme will boost housebuilding; ministers concede they are set to miss the target of 1.5 million homes in England by the next election.
BBCThe Home Builders Federation welcomed the plans; Conservatives warned that the developer levy could increase new-home prices.
BBCConservatives argue that the developer levy could increase new-home prices. Limitation: funding offsets and detailed loan terms remain unspecified.
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